SEC Cracks Down on Crypto Course Scam

Brian Sewell, founder of the American Bitcoin Academy, found himself in hot water as the SEC charged him and his company, Rockwell Capital Management, with defrauding students. Sewell had lured his students into investing in a non-existent crypto hedge fund, promising AI-driven returns that never materialized.

🔔 @SECGov Charges Founder of American #Bitcoin Academy Online #Crypto Course with Fraud Targeting Students !Brian Sewell and Rockwell Capital Management have settled fraud charges with the #SEC over a scheme related to the American Bitcoin Academy. Sewell allegedly…

— Altcoin Alerts (@Altcoin_Alerts) February 2, 2024

Sewell’s pitch to his students included grand claims of using cutting-edge AI and machine learning for trading strategies. However, the SEC revealed these technologies, much like the fund itself, were figments of imagination. The settlement sees Rockwell Capital Management shelling out $1.6 million, with Sewell contributing $223,229.

Moreover, Sewell’s investor pitch deck was riddled with inaccuracies, including false claims about his educational background and prior hedge fund success. This case underscores the SEC’s commitment to protecting investors from deceptive practices.

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2024-02-02 23:48